Oil markets: Brent nears $80 per barrel on Iran and tight supply – CNBC

Oil prices hit $80 a barrel on Thursday for the first time since November 2014 on concerns Iranian exports could fall, reducing supply in an already tightening market.

Brent crude futures briefly hit $80 and were up 69 cents at $79.97 per barrel by 7;55 a.m. ET.

U.S. West Texas Intermediate (WTI) crude futures were up 64 cents at $72.13 a barrel, also their highest since November 2014.

via Oil markets: Brent nears $80 per barrel on Iran and tight supply